Fiat Chrysler Automotive chief executive Sergio Marchionne has been appointed CEO of Ferrari NV following the retirement of Amedeo Felisa. Felisa had served as CEO of Ferrari since 2008. Prior to that, he was responsible for product development at Alfa Romeo.

With the assumption of his role as CEO of Ferrari, Marchionne extends his wide-ranging number of executive and board posts. In addition to serving as chief executive at Fiat Chrysler and Ferrari, Marchionne is vice chairman of investment company Exor SpA, chairman of agricultural and construction equipment manufacturer CNH, chairman of inspection firm SGS SA and an independent director at cigarette and tobacco company Philip Morris International.

Marchionne was responsible for spearheading Ferrari’s separation from Fiat Chrysler, spinning the luxury sports car manufacturer off as an independent company in October 2015.

In his role as CEO, Marchionne has indicated that it is his intention to increase Ferrari’s profitability by extending the Ferrari brand beyond cars to include luxury goods.